Williams Sonoma (WSM) FY2022 results: revenue $8.7 billion, up 5.2% on the year

Williams Sonoma Inc. (WSM) reported revenue of $8.7 billion for fiscal 2022, the year ended 29 January 2023, up 5.2% on the year before. Net income was $1.1 billion, up 0.1%, and diluted earnings per share $8.16. The figures are the company's own, from the 10-K it filed with the SEC on 24 March 2023.

Revenue

$8.7 billion

+5.2% on the year

FY2015FY2022

Operating margin

17.3%

17.6% a year earlier

FY2015FY2022

Net income

$1.1 billion

+0.1% on the year

FY2015FY2022

Diluted EPS

$8.16

+10.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	8,674	8,246	6,783	+5.2%
Gross profit	3,678	3,632	2,636	+1.3%
Gross margin	42.4%	44.0%	38.9%
Selling, general and administrative	2,179	2,179	1,726	+0.0%
Operating income	1,498	1,453	911	+3.1%
Operating margin	17.3%	17.6%	13.4%
Pre-tax income	1,501	1,451	894	+3.4%
Income tax	373	325	214	+14.7%
Effective tax rate	24.8%	22.4%	23.9%
Net income	1,128	1,126	681	+0.1%
Net margin	13.0%	13.7%	10.0%
Diluted EPS	$8.16	$7.38	$4.30	+10.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,053	1,371	1,275	-23.2%
Capital expenditure	354	227	170	+56.3%
Free cash flow	699	1,145	1,105	-39.0%
Free cash flow margin	8.1%	13.9%	16.3%
Cash from investing	-354	-226	-169
Cash from financing	-1,179	-1,492	-343
Depreciation and amortisation	214	196	189	+9.2%
Share-based compensation	90.3	95.2	73.2	-5.2%
Buybacks	880	899	150	-2.2%
Dividends paid	217	188	158	+15.9%
Dividend per share	$1.56	$1.30	$1.01	+20.0%
Diluted shares, weighted	138m	153m	158m	-9.5%
Shares outstanding at period end	132m	144m	153m	-8.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,701	1,664	1,651	+2.2%
Debt	0.0	0.0	299
Operating lease liabilities	1,212	1,067	1,025	+13.6%
Other liabilities	1,750	1,895	1,686	-7.6%
Total liabilities and equity	4,663	4,626	4,661	+0.8%
Fixed assets	1,065	921	874	+15.7%
Goodwill	77.3	85.4	85.4	-9.4%
Cash and equivalents	367	850	1,200	-56.8%
Receivables	116	132	144	-12.1%
Inventory	1,456	1,246	1,006	+16.8%
Other assets	1,581	1,391	1,352	+13.7%
Total assets	4,663	4,626	4,661	+0.8%

10-K for the year ended 29 January 2023, filed 24 March 2023: the filing.